Monero and Bitcoin Show Promise Amidst Post-Crash Consolidation
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The month of January is turning out to be as historic as the December before it, but for very different reasons. While the market cap reached unimaginable levels in December last year, January saw violent crashes that hit every cryptocurrency pretty hard. However, the post-crash consolidation is happening as we speak and is expected to continue till a more concrete market correction happens.
Long-Term and Monero
Cryptocurrency Analysis: Bitcoin Shine As Post-Crash Consolidation Continues Being the leader of the crypto market, Bitcoin was the first to show signs of price consolidation. After reaching a low of $10,000, it bounced back to $13,000. However, all trends suggest that more price correction would occur, and BTC might sink even below $10,000. While investors can hop on the gravy train whenever they want, traders should still wait a little more for buying BTC at the best price.
Ethereum: displayed sluggish trends so far, suggesting that more market corrections are on the way. Thus, it is only obvious that both traders and investors should not touch it for a while, at least till a more stable position is reached. The first could be at $1000, and further positions suggest $500, $575, $625, $740 and $850.
Litecoin:Compared to ETH and BTC, Litecoin is still in a weak position. While it recovered its value above $200, the growth still appears to be bearish. Investors could try their hand for short-term investments after the big correction concludes, around $170, $125 and $100 levels. Traders, on the other hand, should wait for a more concrete trend confirmation before making their move.
Ripple:Ripple is facing a similar crash curve as other coins. However, judging by the extent of loss Ripple already faced, it might be assumed that this is the last stage of price correction for Ripple. More correction might occur, but the value won't change much. Prices of $1.25, $1 and $0.85 are lucrative levels for investors. Dash: After facing a drop, Dash has recovered to health and is currently near $1000 of value. However, with more market corrections on the way, the value can drop once again. Traders should wait for some time before a more consolidated price is reached. Investors, however, can go ahead with short-term investments.
Ethereum Classic: ETC has shown a better curve than other coins during the crash and has largely recovered from the drop by now. However, it is still undergoing a market correction, so prices could be unpredictable. Traders are advised to stay away until the correction is over. Investors can again go ahead with short-term sell-offs, with $30, $25 and $23 being the most supportive levels.
IOTA: IOTA's growth was more due to its technology than the hype, which is evident from the fact that it already bounced back to $3 after dropping below $2. More consolidation might occur, but the price is unlikely to drop further. $2.35, $2 and $1.5 appear as lucrative support levels.
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